The Socio-Economic Rights and Accountability Project (SERAP) has urged Mr. Bayo Bashir Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), to provide explanations and account for N500 billion that the NNPCL reportedly failed to remit to the Federation Account between October and December 2024.

SERAP also urged the NNPCL CEO to invite the EFCC and ICPC to investigate the spending and whereabouts of the missing funds and to ensure their full recovery and remittance to the Federation Account without further delay.

The call follows a recent disclosure by the World Bank that out of N1.1 trillion generated by the NNPCL from crude sales and other income in 2024, only N600 billion was remitted, leaving a deficit of N500 billion unaccounted for.

In a Freedom of Information request dated May 17, 2025, and signed by SERAP deputy director Kolawole Oluwadare, the organisation demanded that Mr. Ojulari “identify those suspected to be involved, surcharge them for the full amount involved, and hand them over to the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution.”

The organisation stated, “There is a legitimate public interest in explaining the whereabouts of the alleged missing N500 billion oil money and grave violations of the Nigerian Constitution 1999 \[as amended].”

SERAP added that “the country’s oil wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations,” stressing that “Nigerians have the right to know why the NNPCL failed to remit the subsidy removal savings to the Federation Account, and why the NNPCL is deliberately denying states and local governments their allocations from the Account, contrary to the provisions of the Nigerian Constitution 1999 \[as amended].”
The letter continued: “Nigerians continue to bear the brunt of these missing public funds from the NNPCL meant for the economic development of the country.”

SERAP gave a seven-day deadline for action, stating, “If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.”
The organisation also linked the missing revenue to “a failure of NNPCL accountability more generally and is directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”

SERAP cited the Nigerian Constitution, the Freedom of Information Act, and anti-corruption laws, noting the “principle that citizens should have access to information regarding the spending of their commonwealth.”
The organisation further referenced a recent Supreme Court ruling affirming that the Freedom of Information Act applies to public records in the Federation, including those held by the NNPCL.

SERAP expressed concern that the Auditor-General of the Federation and the Nigeria Extractive Industries Transparency Initiative (NEITI) have for years reported disappearances of oil revenue from the NNPCL.

According to SERAP, the alleged failure to remit funds has affected economic development and increased poverty, stating, “The failure by the NNPCL to remit the money to the Federation Account is a grave violation of the public trust and the provisions of the Nigerian Constitution, national anti-corruption laws, and the country’s obligations under the UN Convention against Corruption.”

The group underscored that combating corruption in the oil sector would improve poverty levels, enhance access to basic public services, and enable the government to meet human rights and anti-corruption commitments.

SERAP also highlighted constitutional provisions, including Section 15(5) and Section 13 of the Nigerian Constitution, which require public institutions to eliminate corruption and uphold constitutional principles.

The letter stressed that “explaining the spending details and whereabouts of the missing N500 billion public funds, identifying those suspected to be responsible, and ensuring that perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”

The missing funds, SERAP said, “have impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially during the current cost of living crisis.”

SERAP concluded that without full recovery and remittance of the missing oil revenue, “the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”